Daikin (6367) | Keep Cool
While optimistic about market share gains, reservations persist, particularly regarding heat pumps. Stock performance remains steady, trading in...
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Japan Cross-Shareholding - Summary Matrix - Over US$100bn of Selling in 118 Companies
In this note we summarize our work by looking at where most of the selling will likely come. Of the companies that we have looked, collectively...
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Daikin (6367) | Keep Cool and Carry On
We turn bullish on Daikin ahead of 1Q earnings. The risk to top line growth in the US and China is receding. We now expect the company to beat full...
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Daikin (6367) | Cooling on Heat Pumps
We are not convinced that heat pumps will command a valuation multiple in line with the more secular air conditioning market. We see 20% downside...
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MUFG Cross-Shareholding - At Least US$20bn of Cross-Shareholding to Sell, Taking It Slow
Following up on our earlier cross-shareholding notes, in this note we look at MUFG (8306 JP)’s cross-shareholding. MUFG had a stake of over US$100m...
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